economics unit 3.7-8 quiz

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10 Terms

1
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equilibrium

when supply meets demand

2
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disequilibrium

where supply and demand are not equal

3
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shortage

more demand than supply

4
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surplus 

more supply than demand 

5
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price ceiling

maximum legal price

6
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rent control

maximum cost of rent

7
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price floor 

minimum price of a good

8
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minimum wage

minimum price an employer can pay for an hour of labor

9
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inventory

quantity of goods on hand 

10
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search cost 

cost to search for a product